Poland is considered one of the most promising countries in Europe for investment in real estate. The local market grew exponentially between 2002 and 2008, and was not severely affected by the global economic crisis of 2008. After passing the crisis peak, the market continued to develop, although not so fast.
Now, the demand for housing continues to grow for the most part at the expense of domestic investors, although lately the residents of neighboring Ukraine have been increasingly interested in real estate in Poland.
The cost per square meter on average in the country is ˆ 2160, rent - ˆ 1180 per month. The presence of an apartment in a safe area of Warsaw is able to bring the owner income at the level of 5.5-6.5% per annum.
Popular regions and prices
The largest demand is in the largest cities in Poland: Warsaw, Gdansk, Gdynia, Krakow, Lodz, Poznan and Wroclaw. The most expensive real estate is traditionally located in the capital, so in Warsaw housing is sold at an average cost of 8658 z (ˆ 1975) per sq. M. The next is Krakow, Gdynia and Gdansk with the cost of a "square" of 6827 PLN (ˆ 1558), 6407 PLN (ˆ 1462) and 6193 PLN (ˆ 1413) respectively.
The most expensive areas of the Polish capital are Srednies (Srodmiescie) and Mokotow (Mokotow). Prices for apartments here vary between ˆ 1800-2050 / 1 sq. Km. M, and a spacious apartment costs about ˆ 250,000.
The most budgetary objects on the Polish real estate market can be found in the city of Zielona Gra, where a square meter costs 3,447 z (ˆ 786).
The process of buying and mortgage
Foreigners can freely buy apartments in Poland. Land for commercial purposes can be acquired by local residents and citizens of EEC countries. All other citizens should receive permission from the Ministry of Foreign Affairs to purchase land for both residential and commercial purposes. You can obtain a permit only if there is evidence of contact with Poland, for example, to confirm permanent or temporary residence. For the rental of both land and apartments, no legislative restrictions are imposed.
Foreigners who have a residence permit and permanent employment in Poland, banks approve mortgage loans at 4% - this is slightly higher than for local residents, but it is quite affordable for most citizens.
Taxes and fees for the purchase of real estate
For assistance in the process of buying and selling residential apartments, most Polish realtors charge an agency commission of 3%. Buying real estate secondary market obliges the buyer to pay tax on a civil transaction (2%). The amount of the registration fee varies from 150-200 zlotys (ˆ 36-48). Notary fees are calculated based on the value of the transaction and are limited to an amount of 10 000 z (ˆ 2222).
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